Zunaid Moti hits back at Mantengu Mining CEO, calls allegations “completely ridiculous”

Businessman Zunaid Moti has strongly rejected what he describes as “false and defamatory” allegations made by Mantengu Mining Limited CEO Mike Miller, dismissing them as “completely ridiculous and devoid of any facts or evidence whatsoever.”

In a detailed statement released on Monday, Moti said he has never owned, traded, or held any direct or indirect interest in Mantengu Mining, adding that he has no involvement in the company’s business affairs or operations.“Not only do I have no stake in the company, but I would never want to become involved in a business that is so poorly managed,” Moti said.

“Its problems are entirely of its own making driven by questionable valuations, poor governance, weak management, and lack of delivery, not by a conspiracy.”

Moti explained that his only interaction with Mantengu was years ago when he helped mediate a dispute between business associates. He said that was the extent of his engagement before Miller began making public allegations linking him to the company.

According to Moti, Mantengu’s financial difficulties stem from its own “fundamentals,” including what he calls a “clear track record of questionable transactions.”

He referenced Mantengu’s 2022 reverse-listing deal in which it acquired a chrome mining business, Langpan. Independent assessors reportedly valued Langpan at about R27.5 million, but Mantengu listed it at a vastly inflated R550 million nearly 20 times its assessed worth.

“That was not a simple rounding error,” Moti said. “It was a serious misrepresentation. The company tried to sell investors a R27 million business at a R550 million valuation and the market reacted exactly as you’d expect.”

Following the transaction, Mantengu’s shares opened at R4 on the Johannesburg Stock Exchange but collapsed to below R1 within a week and have since traded near 60 cents.

Moti also questioned Mantengu’s unmet production promises and other financial irregularities, including a “bargain purchase” of Sublime Acquisitions. Mantengu declared acquiring the company for zero rand while reporting a R350 million paper profit, a move Moti described as “creative accounting.”

He said that with inflated valuations and debt exceeding R600 million, Mantengu’s financial woes are self-inflicted: “To me, this appears like more evidence of creative accounting in Mantengu’s books that inflates profits without improving underlying performance,” he said.

Moti concluded by urging the public to verify his claims through publicly available financial records, regulatory filings, and court documents all accessible on his official website, zunaid-moti.co.za.